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Posts Tagged ‘Belo Corp.’

Gannett Completes Belo Acquisition

gannett belo logos_304x200The Gannett-Belo merger is complete: Gannett Co. has officially acquired Belo Corp. for $13.75 per share in cash, plus $715 million of outstanding debt, for a total of $2.2 billion.

“We are thrilled to combine these two storied media companies, both of which are known for award-winning journalism, operational excellence and strong brand leadership,” Gannett CEO Gracia Martore said in a statement. “The completion of this transaction marks a significant milestone in Gannett’s ongoing transformation into a higher-margin and more highly diversified company in the rapidly evolving media business.”

Earlier today, Gannett announced it would sell three stations — KMOV in St. Louis and KTVK-KSAW in Phoenix — to Meredith Corp. for $407.5 million. The sale of KMOV was required by the Department of Justice before the Gannett-Belo deal could close.

The acquisition of Belo’s 20 stations nearly doubles Gannett’s broadcast portfolio, bringing the company’s reach to approximately one-third of all television households in America. Gannett becomes the #1 CBS affiliate group as well as expanding its already #1 NBC affiliate group.

As of today, Belo will no longer be listed on the NYSE.

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Q3 Earnings: Belo Revenue Drops 6%

belo logoBelo Corp. reported $166 million in total revenue for the third quarter of 2013, a 5.7% drop compared to the year-ago quarter. The decline was attributed to $15 million less in political revenue and $13.4 million of non-returning Olympics revenue on Belo’s NBC affiliates. Total revenue excluding political was up 3.1% year-over-year.

Advertising categories that were up for the quarter included travel, automotive and furniture, while retail, restaurants and grocery well all down. Other revenue, including Internet advertising, retransmission revenue and barter and trade advertising, was up 21% for the quarter.

Station salaries, wages and employee benefits were up for the quarter. Programming and other operating costs were also up slightly compared to the year-ago quarter.

Gannett Promises to Keep Same Market Stations Separate in Belo Acquisition

Gannett Broadcasting president David Lougee gave TVSpy a look at what it plans to do with some of the Belo stations it will own as soon as the inks dries on its deal to buy the station group.

TVSpy asked Lougee what Gannett meant when it told employees in a memo, “As part of the deal, we are restructuring ownership of the Belo stations in 5 markets, Phoenix, St. Louis, Portland, Louisville and Tucson. We expect that the stations affected will be serviced by Gannett through shared service agreements or similar sharing arrangements.”

Focusing mainly on the plans for Belo’s St. Louis CBS affiliate KMOV and Phoenix independent station KTVK, since Gannett already owns stations in those markets (St. Louis NBC affiliate KSDK and Phoenix NBC affiliate KPNX) Lougee told TVSpy, “I’m never going in those buildings. They are going to completely compete against our television stations. There is no consolidation taking place in St. Louis and Phoenix.

He told TVSpy Jack Sander would head a third-party company that would be the owner, licensee and the operator of those two stations. Sander is a senior adviser to Belo Corp. Lougee worked at Belo before taking his current role at Gannett. Read more

Triston Sanders Named Executive News Director at KENS

Triston Sanders is joining KENS, the CBS affiliate in San Antonio, as executive news director, TVSpy has learned. It is a move within Belo for Sanders, who has been assistant news director at WWL in New Orleans since September 2012.

“Triston has quickly become a part of the WWL-TV team and has contributed greatly to the recent growth of our news ratings. And while we will certainly miss her enthusiasm, dedication and commitment to excellence, we are thrilled that she will be able to take this next step in her career with BELO,” WWL general manager Tod Smith wrote in a memo to staffers Monday.

Before joining WWL, Sanders was the news director at WCTV in Tallahassee. She has also worked as a producer at WSVN in Miami and WFLA in Tampa.

Sanders begins at KENS on July 1. She replaces Kurt Davis, who was recently named vice president of news services for CBS News.

Belo First Quarter Revenue Grows 2.8%

Belo Corp.’s total revenue grew to $160.3 million in the first quarter of 2012, a 2.8% increase on the year-ago quarter.

Growth in core spot revenue, which was up 2%,  came from strong automotive, retail and telecommunications categories, according to Belo. Political revenue in the first quarter of 2013 declined by $1 million from 2012, which was an election year. Total spot revenue grew 1% compared to the year-ago quarter. Internet advertising grew 22% and retransmission revenue grew 8%.

Dallas-based Belo owns 21 stations in 16 markets.

KARE, WBNS, KUSA Win Cronkite Awards

The University of Southern California’s Annenberg School for Communication and Journalism has announced the 2013 winners of the Walter Cronkite Awards for Excellence in Television Political Journalism.

KARE, Gannett’s NBC affiliate in Minneapolis-St. Paul, won for local broadcast station. The judges cited its coverage of the marriage equality debate, calling KARE’s reporting “fair, balanced and deeply personal.” WBNS in Columbus received a special commendation for citizen engagement. Denver’s KUSA was the winner of the Cronkite/Jackson Prize for Fact Checking Political Messages, a category that was just introduced to the awards this year.

Two reporters were honored for individual achievement at a local broadcast station. Marshall Zelinger, a content producer and presenter at KMGH in Denver, won for his “clarity of presentation” and “modern production techniques.” Tom McKee, a reporter at WCPO in Cincinnatti, received the special commendation for citizen engagement for his his extensive fieldwork. Read more

Belo Reports 14% Increase in Revenue for Q4

Belo Corp. reported $205 million in total revenue for the fourth quarter of 2012, an increase of +14% on the year-ago quarter.

Political revenue in the fourth quarter was $32.4 million, an increase of $26.5 million from the fourth quarter of 2011. Although total spot revenue was up +15% year-over-year, spot revenue excluding political was down -3% due to a crowd-out from political revenue.

Other revenues — including Internet advertising, retransmission revenue and barter and trade advertising — were up +8 year-over-year.